- POSTED: 01 Oct 2013 20:42
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US investment firm Kohlberg Kravis Roberts (KKR) has agreed to buy a 10 per cent share in China's biggest appliance maker Qingdao Haier, in its biggest investment in the country.
HONG KONG: US investment firm Kohlberg Kravis Roberts (KKR) has agreed to buy a 10 per cent share in China's biggest appliance maker Qingdao Haier, in its biggest investment in the country.
KKR will pay about US$556 million for the stake, which the two companies say will establish a long-term strategic partnership.
"We look forward to... assist Qingdao Haier in its next phase of growth by capitalising on the opportunities created by China's continued urbanisation and increasing consumer income trend," chief executive of KKR Greater China David Liu said in the same statement.
The transaction is subject to regulatory approval.
The US firm announced last week that it would spend US$1.7 billion on an 80 per cent stake in Panasonic's health-care unit, its biggest deal in Japan.
KKR, jointly with TPG Capital, made a US$990 million investment into China International Capital Corp in 2010.
Haier Group, Qingdao Haier's parent, manufactures home appliances including air conditioners, washing machines, refrigerators and cookers and held a 27.2 per cent share of the Chinese market in 2012.
The Chinese firm successfully took over New Zealand whitegoods manufacturer Fisher & Paykel Appliances in October last year for US$762 million.